Crown Accounts Robust Than Expected Due to Increased Consumer Spending

  • Jul 10, 2020 NZST
  • Team Kalkine
Crown Accounts Robust Than Expected Due to Increased Consumer Spending

As per Finance Minister Grant Robertson, the economy has got the momentum post lockdown as government accounts are better than expected with a higher GST.

The Crown accounts for 11 months till May end indicate that the year-end tax revenue will be better than the forecast. Core Crown expenditures were NZD 100 million below estimate; tax revenue was NZD 1.5 billion above forecast, and the operating balance before profits and losses (OBEGAL) was NZD 1.6 billion less than forecast.

It indicates that the consumers are spending again, but the increasing COVID-19 cases in other parts of the world pose a threat to the NZ economy.

 


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